TripAdvisor (TRIP) investor relations material

Executive summary

• Q1 2026 revenue was $382.4 million, down 4% year-over-year, with adjusted EBITDA of $22.1 million (5.8% margin), and net loss widened to $32.4 million due to macro headwinds and increased costs.

• Experiences and TheFork segments showed revenue growth, while Hotels and Other segment revenue declined sharply due to SEO and free marketing channel declines.

• Strategic focus remains on building the largest experiences marketplace, leveraging AI, and simplifying legacy businesses for profitability.

• Restructuring actions and cost savings initiatives continued, with $3.3 million in related costs in Q1 2026.

• TheFork outperformed with 23% revenue growth (11% in constant currency) and 8% EBITDA margin; B2B revenue grew over 50%.

Financial highlights

• Revenue: $382.4 million (down 4% year-over-year); adjusted EBITDA: $22.1 million (5.8% margin); net loss: $32.4 million; EPS: $(0.28) basic and diluted.

• Experiences bookings grew 11% year-over-year, with GBV up 13% to $1.2 billion; revenue up 8% (4% in constant currency).

• TheFork revenue reached $57.3 million, up 23% year-over-year; adjusted EBITDA was $4.6 million (8% margin).

• Hotels and Other revenue was $157.9 million, down 20%; adjusted EBITDA was $36.7 million (23% margin).

• Operating cash flow was $117.8 million; free cash flow was $101.3 million; cash and equivalents at quarter-end were $1.1 billion.

Outlook and guidance

• Q2 2026 consolidated revenue expected to decline mid-single digits; experiences bookings growth of 5%-8%, revenue growth of 2%-5%.

• TheFork revenue expected to grow 10%-13% (including 400 bps currency benefit); Hotels and Other to decline 21%-24%.

• Q2 consolidated adjusted EBITDA margin expected at 15%-17%; full-year outlook assumes flat revenue and EBITDA margin due to macro headwinds in H1.

• Management expressed confidence in sustainable revenue and profit growth for Experiences and the Group, despite macroeconomic uncertainties.

• Recovery in bookings and GBV anticipated through Q2, with normalization by quarter-end; macro uncertainty remains a key risk.